OVERSEA CHINESE BANKING Corp Ltd Sells 210,132 Shares of Canaan Inc. (NASDAQ:CAN)

OVERSEA CHINESE BANKING Corp Ltd decreased its holdings in Canaan Inc. (NASDAQ:CAN) by 38.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 339,957 shares of the company’s stock after selling 210,132 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd owned approximately 0.12% of Canaan worth $697,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of CAN. Raymond James Financial Inc. acquired a new position in Canaan during the 4th quarter worth about $33,000. Victory Capital Management Inc. acquired a new position in shares of Canaan in the fourth quarter worth approximately $598,000. SBI Securities Co. Ltd. bought a new stake in Canaan in the fourth quarter valued at approximately $83,000. IFP Advisors Inc increased its position in Canaan by 4,234.0% during the 4th quarter. IFP Advisors Inc now owns 76,105 shares of the company’s stock valued at $156,000 after purchasing an additional 74,349 shares during the period. Finally, Private Advisor Group LLC acquired a new stake in Canaan during the 4th quarter valued at approximately $102,000. 70.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CAN. Compass Point assumed coverage on shares of Canaan in a research note on Tuesday. They issued a “buy” rating and a $2.50 price objective on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $8.00 price target on shares of Canaan in a research report on Monday. Finally, HC Wainwright reissued a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research report on Tuesday, March 4th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.88.

Canaan Stock Up 2.9 %

Canaan stock opened at $1.01 on Thursday. The company has a market capitalization of $282.99 million, a PE ratio of -0.74 and a beta of 3.39. Canaan Inc. has a 12-month low of $0.72 and a 12-month high of $3.27. The firm’s fifty day moving average is $1.65 and its 200 day moving average is $1.60. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Canaan Profile

Canaan Inc engages in the research, design, and sale of integrated circuit (IC) final mining equipment products by integrating IC products for bitcoin mining and related components in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.